Coldwell Banker - Westburn Realty

Vancouver got blame for driving up averages prices across the country. Today, Vancouver being blamed for dragging them down. So, damn u do well & damn u don't. Well, I guess when you are popular, everybody focus on how you do. Some critics or economists happy to see Vancouver not doing well, they are trying to tell everybody that their prediction "FINALLY" correct. In 2011, some Mainland China speculators were being encouraged by some irresponsible local agents who are speculators themselves as well. Many formed a speculate groups included bankers, builders, agents & the Mainland immigrants who has plenty of cash in their pockets. Some agents put up with their own money as well. They bought up many old houses in mainly Richmond, Vancouver West & some in Burnaby, hoping to flip properties like they did in Asia. Well, eventually some got burnt & that is expected. As a result of that, the public calls for banding foreign investors buying in Vancouver. However, what I see these days are healthy adjustments. I still work with Mainland Chinese buying for their children to attend school here. Many of them don't care about their immigration status. Chinese believe in having the roof over our head not renting since their children is going to be in Vancouver for a while for their education. So, why rent? I also work with internal migrants at the moment. My buyers are relocating from Toronto to Vancouver who has strong income & equity from their house.

Finance Minister Jim Flaherty warns that Canadians are taking on too much debt. Well, I'm looking at 2m range property with my Toronto Canadian who only needs 300k mortgage. Do u call that too much debt?? For those who are poor in money management, it doesn't matter how high or low the housing price is, how high or low the interest rate is, they can't afford to buy properties. They will just rent & keep spending their disposable income.

There is no doubt the market has cooled off. However, I see opportunity instead of fears. If you wish to own a detached house, this is the perfect time for buyers who wants to get back into Vancouver westside or Richmond again. If you are in condo market, Bob Rennie, President of Rennie Marketing system shared his view with the Urban Development Institute on May 17. He noted the number of people aged 55-64 will increase 38% between 2009 & 2018, those 65-74 will increase 56%, while those 35-54 will only increase by 4.6%. Baby boomers are sitting on $88 billion in equity in Greater Vancouver. That equity will be freed over the next 15 years & when they sell their home, they will buy down & help their kids. I love his new saying: In the 70s & 80s it was location, location, location. In the 90s through mid 2000s, it was timing, timing, timing. From here forward, it's transit, transit, transit.

We can never time the peak nor the bottom. I personally prefer to live in a vibrant city over a dead boring one.